Arthur J. Gallagher vs Aon
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The short version
- Aon is the larger business, with $17.2B of revenue in fiscal 2025 against $13.9B for Arthur J. Gallagher.
- Arthur J. Gallagher grew revenue faster (20.7%, against 9.5%).
- Aon turned more of its sales into free cash flow (18.7% FCF margin, against 12.8%).
- Aon earned a higher return on the capital invested in it (15.6%, against 9.9%).
- Investors pay more for each dollar of Arthur J. Gallagher’s earnings: a P/E of 44.5x against 16.7x for Aon.
| Latest fiscal year | AJG · FY25 | AON · FY25 |
|---|---|---|
| Size | ||
| Market cap | $68.8B | $64.9B |
| Revenue | $13.9B | $17.2B |
| Free cash flow | $1.8B | $3.2B |
| Net income | $1.5B | $3.7B |
| Growth | ||
| Revenue growth | 20.7% | 9.5% |
| 5-year growth | 14.8% | 9.2% |
| Share count change | 16.2% | 2.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 25.3% |
| Net margin | 10.7% | 21.5% |
| FCF margin | 12.8% | 18.7% |
| Return on capital | 9.9% | 15.6% |
| Return on equity | 6.9% | 47.8% |
| Balance sheet | ||
| Net debt | $12.1B | $12.5B |
| Net debt / EBITDA | 3.3x | 2.8x |
| Dividends and buybacks | $667M | $1.6B |
| Valuation & quality | ||
| P/E | 44.5x | 16.7x |
| Piotroski F-score | 3 | 4 |
Revenue
FY16
AJG $5.6B
AON $9.4B
FY17
AJG $6.2B
AON $10.0B
FY18
AJG $6.9B
AON $10.8B
FY19
AJG $7.2B
AON $11.0B
FY20
AJG $7.0B
AON $11.1B
FY21
AJG $8.2B
AON $12.2B
FY22
AJG $8.6B
AON $12.5B
FY23
AJG $10.1B
AON $13.4B
FY24
AJG $11.6B
AON $15.7B
FY25
AJG $13.9B
AON $17.2B
AJG
AON
Operating margin
FY16
AJG —
AON 19.3%
FY17
AJG —
AON 10.7%
FY18
AJG —
AON 14.3%
FY19
AJG —
AON 19.7%
FY20
AJG —
AON 25.1%
FY21
AJG —
AON 17.1%
FY22
AJG —
AON 29.4%
FY23
AJG —
AON 28.3%
FY24
AJG —
AON 24.4%
FY25
AJG —
AON 25.3%
AJG
AON
Free cash flow
FY16
AJG $432M
AON $2.2B
FY17
AJG $725M
AON $551M
FY18
AJG $641M
AON $1.4B
FY19
AJG $1.1B
AON $1.6B
FY20
AJG $1.7B
AON $2.6B
FY21
AJG $1.3B
AON $2.0B
FY22
AJG $1.2B
AON $3.0B
FY23
AJG $1.8B
AON $3.2B
FY24
AJG $2.4B
AON $2.8B
FY25
AJG $1.8B
AON $3.2B
AJG
AON
Return on capital
FY16
AJG 12.1%
AON 15.1%
FY17
AJG 12.5%
AON 6.6%
FY18
AJG 14.9%
AON 14.4%
FY19
AJG 16.8%
AON 18.6%
FY20
AJG 19.3%
AON 22.6%
FY21
AJG 16.7%
AON 14.2%
FY22
AJG 15.5%
AON 32.3%
FY23
AJG 12.5%
AON 33.8%
FY24
AJG 22.2%
AON 19.2%
FY25
AJG 9.9%
AON 15.6%
AJG
AON
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.